Funding arb · Price arb /

EWY

RWAall EWY markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0519%/8h= +56.8% APRpaid last 24h +0.052%

Price spread now: Coinbase International against Bitget−0.380%7-day average −0.082% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$380.380% of the position

Long on Bitget Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.170%+$17 on $10k

Price spread, last 4 days (all we have)+0.363%+$36 · spread now −0.380%, 7d avg −0.082%

Together, before fees+0.533%+$53 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.298% cheaper against Bitget than usual: you would sell low and buy high (spread −0.380% now, against its 7-day average of −0.082%). If the spread goes back, that is −$30 on $10k: about 46 hours of funding at the current rate (+$16 a day). At the pace of the last 7 days (+0.170% in total) that is about 12 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.170% in total (about 8.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget EWYUSDT	187.05	−0.0407	get 0.0407% / 8h	7h 09m	$3.1M	$2.8M	20x
Short	Coinbase International EWY-PERP-INTX	186.34	0.0112	get 0.0014% / 1h	9m 01s	$518K	$240K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bitget. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BitgetbpFee Coinbase InternationalbpOrdersPrice spread, now −0.380%Rate

Funding earned: $108.99
Price spread: −0.380% → −0.082%: −$29.81
Slippage, 4 orders: −$16.03
Fee Bitget: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $41.15
Costs to cover: 0.380%
Break-even: 4.4 days

Slippage from Bitget: live order book, 4 min ago; Coinbase International: live order book, 24 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bitget live order book, 4 min ago	0.27 bp	9.3 bp −$9	11.9 bp −$119	19.5 bp −$1,952	59.7 bp −$29.8K
Sell Coinbase International live order book, 24 min ago	4.59 bp	9.6 bp −$10	15.6 bp −$156	doesn't fit	doesn't fit

EWY on 30 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff EWY-PERP	−0.5592%	1h	186.72	−0.176%	$28K	$16K	20x	as long as short
Bitget EWYUSDTlong	−0.0407%	8h	187.05	long leg	$3.1M	$2.8M	20x
Aster EWYUSDT	0.0000%	8h	186.84	−0.114%	$289K	$14K	20x	as long as short
Extended EWY_24_5-USD	0.0000%	1h	186.90	−0.079%	$237K	$910K	10x	as long as short
Binance EWYUSDT	0.0000%	8h	187.01	−0.020%	$26.9M	$82.2M	50x	as long as short
OKX EWY-USDT-SWAP	0.0000%	8h	187.05	0.000%	$4.0M	$4.7M	50x	as long as short
Gate EWY_USDT	0.0000%	8h	187.02	−0.016%	$4.0M	$4.7M	50x	as long as short
MEXC EWY_USDT	0.0000%	8h	186.99	−0.032%	$7.5M	$4.5M	100x	as long as short
Variational Omni EWY	0.0000%	8h	186.64	−0.217%	$1.2M	$931K	—	as long as short
GRVT EWY_USDT_Perp	0.0000%	8h	186.65	−0.216%	$732K	$415K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
SunX EWY-USDT	0.0000%	8h	186.64	−0.219%	—	$2.1M	20x	as long as short
HTX EWY-USDT	0.0000%	8h	186.37	−0.364%	$22K	$35K	20x	as long as short
Phemex EWYUSDT	0.0000%	8h	186.85	−0.107%	$1.7M	$37K	10x	as long as short
Vest EWY-USD-PERP	+0.0011%	1h	186.69	−0.192%	—	$231K	25x	as long as short
BloFin EWY-USDT	+0.0015%	8h	186.94	−0.059%	$48K	$223K	50x	as long as short
Lighter EWY	+0.0032%	1h	186.72	−0.176%	$378K	$40K	20x	as long as short
Popdex EWYUSDT	+0.0048%	1h	186.85	−0.107%	$196K	$154K	20x	as long as short
tradeXYZ xyz:EWY	+0.0050%	1h	186.80	−0.134%	$6.1M	$14.7M	20x	as long as short
Entropy io:EWY	+0.0050%	1h	186.47	−0.310%	$141K	$119K	25x	as long as short
Polymarket Perps EWY-USD	+0.0050%	1h	186.73	−0.171%	$4K	$141	20x	as long as short
SoDEX EWY-USD	+0.0050%	1h	186.86	−0.102%	$754	$3K	10x	as long as short
Ondo Perps EWY-USD.P	+0.0050%	1h	186.50	−0.294%	$235K	$310K	10x	as long as short
Paradex EWY-USD-PERP	+0.0057%	8h	186.82	−0.121%	$22	—	5x	as long as short
KuCoin EWYUSDTM	+0.0100%	8h	186.77	−0.150%	$962K	$640K	20x	as long as short
ApeX Omni EWYUSDT	+0.0100%	1h	186.28	−0.412%	$13K	$265K	50x	as long as short
Orderly PERP_EWY_USDC_mythos	+0.0100%	8h	186.82	−0.123%	$2K	$1K	20x	as long as short
Coinbase International EWY-PERP-INTXshort	+0.0112%	1h	186.34	−0.380%	$518K	$240K	20x
Bybit EWYUSDT	+0.0132%	8h	187.01	−0.021%	$5.0M	$4.9M	100x	as long as short
Deribit EWY_USDC-PERPETUAL	+0.0285%	1h	186.86	−0.102%	$3K	$15K	20x	as long as short
edgeX EWYUSDC	+0.0447%	4h	186.61	−0.237%	$418K	$285K	20x	as long as short